Hines and KEY Group Break Ground on 639,000-SF Space Coast Innovation Park in Titusville, Florida

Hines and KEY Group have broken ground on Phase I of Space Coast Innovation Park, a Class A industrial campus situated within Space Coast Regional Airport's federally licensed Exploration Spaceport in Titusville, Florida, the firms announced September 17, 2026.

Phase I comprises three rear-load industrial buildings totaling more than 639,000 square feet on approximately 50 acres along Grissom Parkway and Perimeter Road. The buildings are sized at approximately 212,240 square feet, 206,700 square feet and 220,100 square feet, respectively. Delivery is scheduled for July 2027.

A Multi-Phase Campus Targeting Aerospace and Defense Demand

Space Coast Innovation Park is planned as a three-phase Class A corporate park spanning approximately 450 acres, with a long-term capacity of up to 3 million square feet. The first two phases are designed to deliver more than 1.1 million square feet across five buildings on approximately 100 acres.

Phase II, currently in design, is planned to include two industrial buildings totaling nearly 466,000 square feet on an additional 50 acres. Hines and KEY Group anticipate beginning Phase II construction in the second quarter of 2027, with delivery projected for the third quarter of 2028. A third phase encompassing approximately 350 acres is reserved for future mixed-use development.

The campus is being developed under a ground lease with Space Coast Regional Airport, an arrangement the partners signed in March 2022. The site's location within the airport's federally licensed Exploration Spaceport positions the project to serve tenants requiring proximity to Kennedy Space Center and Cape Canaveral Space Force Station, as well as the region's broader launch and defense infrastructure.

Class A Industrial Positioned for Specialized Users

Hines and KEY Group are marketing Space Coast Innovation Park for aerospace, defense, advanced manufacturing, distribution and logistics users. The development will offer Class A facilities, corporate-campus opportunities and build-to-suit options. The project is designed to address a mismatch between the Space Coast's specialized industrial demand and the available supply of modern inventory in the market.

Phase I's three rear-load buildings are designed to accommodate large-bay industrial users. At that scale, the project falls within the large-bay industrial category rather than the small-bay or neighborhood-flex segment, and its build-to-suit capability is intended to attract users with customized facility requirements.

Project Timeline and Development Context

The September 2026 groundbreaking follows a development timeline that extended beyond initial projections. Earlier public descriptions of the project had anticipated a Phase I groundbreaking in the first quarter of 2024 and delivery by 2025; a subsequent Hines property page indicated a projected groundbreaking in the third quarter of 2025. The current announcement confirms that Phase I construction is now underway, with the July 2027 delivery date representing the operative public schedule.

Together, Phase I and Phase II would add more than 1.1 million square feet of Class A industrial space to the Titusville submarket across five buildings. The full three-phase campus, if completed as planned, would represent a large industrial platform on Florida's Space Coast, with the scale to accommodate multiple tenants, large single users and build-to-suit requirements over an extended development horizon.

About the Partners

Hines is a global real estate investment, development and property management firm. KEY Group is its co-sponsor and co-general partner on the Space Coast Innovation Park development.

Sources: Hines — Hines and KEY Group Break Ground on Space Coast Innovation Park In Titusville